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Safely use bitcoin exchanges

Safely use bitcoin exchanges

Although you make as much payments in bitcoin as you can every now and then you might want to swap some bitcoins in some euro’s or dollars. In this article we show what you need to know when dealing with an online bitcoin exchange. Here are the guidelines to safely use bitcoin exchanges.

Read before use

In case for whatever reason you lose money at an exchange you can be pretty sure that you will never see your money again. So you have to be cautious when using one.

The internet is a great source of information. Do absolutely some research before you use any exchange for the first time. Just Google the exchange of your preference. It’s simple and very helpful but still often forgotten unfortunately.

Don’t change large amounts

Even when you have large amounts and you want to convert them. It’s just better to divide it into smaller chunks. When you’re selling or buying in smaller amounts the risk is also smaller.

Empty your pockets

At the moment that you buy bitcoin or sell bitcoin you first have to send your bitcoins to your online wallet which holds the exchange for you. This is mostly automatically generated when signed up for an account. General rule of thumb here is never leave wallet filled online. Always make sure you emptied the online wallet and transferred them to your own wallet.

Check fees

Different exchanges different exchange prices. For every buy or sell you pay a fee. These fees can differ that’s worth it to research which one you’re the most cheapest for you.

The chart below will give you a glance of the price differences between the largest exchanges. The fees are based on a 1000 USD transaction.

Identification

There some exchanges who can ask you to identify yourself. When you would like to have the amount transferred to your bank you’re obligated to show your passport or ID-card.

Especially in this case you have to EXTRA research before you send anything. Convince yourself that’s a trusted exchange and not a scam. Afterwards there is not much you can do. Things like identity fraud can really be like a living hell. So here better safe than sorry and be VERY cautious.

You can’t be too much informed

There are plenty of examples of pitfalls. Over think every step taken and be well informed. Don’t lose any money. Be sure you’re not one of them.

Share your thoughts

You have your own opinion about this subject? Or you just want to share your thoughts? We welcome you to leave a comment!

Try it now the Easbit experience, it’s free!

The best way to see how it really works is just to try it yourself. The Easbit mobile bitcoin wallet app for Android is totally free to download.